Studying abroad is a once-in-a-lifetime type of opportunity. You learn about different cultures, try delicious foreign foods, and spend time living outside your home country. Almost 350,000 college students from the U.S. studied abroad in the years 2018-2019 in Europe, Asia, and South America. Studying abroad can be expensive, but with a bit of planning, you can still have the most incredible experience. By budgeting appropriately, taking advantage of free events, and managing your money wisely, you can still experience the most that study abroad has to offer. Here’s a guide to making your money stretch while still having fun studying abroad.
Live like a local
A great way to save money while studying abroad is to imagine yourself living like a local. What would you do on a typical Tuesday? You wouldn’t eat out at an expensive restaurant; you would cook a delicious meal with fresh, local ingredients. Become familiar with your local grocery stores and brush up on cooking skills to save yourself money.
Another way to live like a local is to take public transportation, bike, or walk everywhere. Walking is a great way to see the city and take stock of your surroundings. Plus, it’s great exercise too! Consider investing in a bike if you’re staying in one city for a while. Sometimes, you can get bikes for cheap from other students or locals. You’ll save money on transportation and experience your city in a bold, new way.
Ask for student discounts
As a student, you can access several discounted cultural experiences, entertainment, food, transportation, and accommodations–you name it! Many countries even offer perks to travelers under the age of 27.
Your study abroad program will give you a local university ID or an international student ID (ISIC). Remember to always carry your student ID on you, and if you’re not sure if a business offers a student discount, it never hurts to ask! Check out websites that provide frequent deals like StudentUniverse, Living Social, or Groupon.
Stick to a budget
It’s important to be smart about how you use your money, so set a budget and stick to it. Be realistic about how much you’ll spend on travel, shopping, and other miscellaneous expenses. As you set up your study abroad budget, remember to leave some wiggle room for those unexpected emergencies. Set aside some money for a rainy day or when you accidentally go over budget. Above all else, remember to underestimate your income and overestimate your expenses.
If you get into a jam and need money from home, ask a family member or friend to send money through Western Union’s mobile app. Through our reliable, convenient money transfer process, anyone can digitally transfer money from their bank account, debit, or credit card using our app, WU’s website or at any of WU’s locations, located in over 200 countries and territories. You can receive the transfer directly into your bank account, digital wallet, or in person at an agent location.
Bank wisely
Ask your bank if they partner with any international banks local to your study abroad country. You’ll easily save money by forgoing foreign transaction fees and benefit from using a regional bank.
Check out free local events
One of the best things about university life is that there are usually free events happening every week. There might be free student dinners, as well as free movie nights, nights at the museum, and even free walking tours!
Keep an eye on your neighborhood’s calendar or community board to see which events are happening in your local community centers, churches, or the university. Befriend locals to get the inside scoop on the best free events and cheap restaurants and bars.
Studying abroad should be one of the best memories of your college experience. By learning how to manage your money wisely, you can have an amazing time studying abroad.
